Escalating fatalities due to Cancer Driving the Cancer Diagnostics Market
As per a report published on XploreMR, the global cancer diagnostics market is expected to grow two-fold in the years to come.
The ever-increasing incidences of oncologic cases, technological upgradations in diagnostics on the continuous basis, and growing demand for proper screening tests are amongst the prime factors driving the cancer diagnostics market across the globe. Governments around the world are also supporting cancer diagnostics-related initiatives, which acts as another booster to the market.
It is a well-known fact that cancer accounts for a major portion of fatalities all across. As such, the healthcare personnel are emphasizing on developing proper diagnostic as well as treatment solutions for checking the level of prevalence. The fact that detection at early stages results in increase in success rates of the treatment regimens also calls for spurt in cancer diagnostics.
Biopsy is expected to remain the most lucrative cancer diagnostics test due to technological advancements such as fine needle aspiration
The biopsy test type segment dominated the global cancer diagnostics market in revenue terms in 2016, and the trend is projected to continue throughout the forecast period. Biopsy is the largest segment, which was valued at more than US$ 11 Bn in 2016 and is expected to expand at a CAGR of 7.4% over the forecast period. The liquid biopsy test type segment is expected to register fastest Y-o-Y growth throughout the forecast period. Even though liquid biopsy is becoming more popular due to its non-invasive nature, to obtain an accurate diagnosis, solid tumour biopsies or tissue biopsies are still preferred.
Despite the headwinds of regulatory uncertainties, diagnostic companies continue to invest in high dollar molecular diagnostic tests for cancer research
To purchase test reagents, a majority of diagnostic companies place these instruments in diagnostic and research laboratories through reagent rental contracts in exchange for long-term contracts, as tests can only be run in laboratories possessing instruments for which the test is developed and approved. Moreover, newly developed tests for particular instruments need to be mass marketed to diagnostic laboratories, general practitioners, and health insurers.
Cancer Diagnostics Market: Biopsy Test Type Segment Expected to Remain Dominant Throughout the Forecast Period: Global Industry Analysis and Opportunity Assessment 2016 - 2026Buy Now
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